Midday movers: Lyft rises; Airbnb, Kraft Heinz dip
Investing.com -- Main U.S. indexes edged higher Wednesday, a day after hot inflation data triggered a major selloff.
Here are some of the biggest U.S. stock movers today:
Lyft (NASDAQ: LYFT) shares were higher by 32% despite losing a large portion of earlier gains due to a significant error in its margin outlook. Its fourth quarter results and guidance were still viewed as strong.
Shares in Airbnb (NASDAQ: ABNB) fell 3% after the travel accommodation app flagged that it would see a moderation in booking rates in its current quarter.
Kraft Heinz (NASDAQ: KHC) declined 6% after posting fourth-quarter net sales that missed expectations, as the packaged food group faced headwinds from recent price hikes that have dented demand.
Robinhood (NASDAQ: HOOD) shares jumped 10% after the digital brokerage posted better-than-anticipated fourth-quarter net revenue of $471 million.
Zillow (NASDAQ: ZG) shares popped 9% following fourth-quarter results from the online real estate group that topped estimates.
Super Micro Computer (NASDAQ: SMCI) climbed 10%, adding to recent gains. Optimism over its AI servers has driven the stock higher by 170% in the past 30 days.
Uber Technologies, Inc. (NYSE: UBER) climbed 12% after its Board of Directors authorized the repurchase of up to $7 billion of the company’s common stock, its first ever buyback program. Strong results from rival Lyft also helped fuel gains.
Coinbase (NASDAQ: COIN) and digital miners Marathon Digital (NASDAQ: MARA) and Riot Platforms (NASDAQ: RIOT) jumped after the price of Bitcoin surpassed $51,000.
IQVIA Holdings (NYSE: IQV) rose 10% after the clinical research services firm published better than expected fourth quarter results and guidance.
Williams Cos. (NYSE: WMB) declined 3.6% after adjusted Ebitda guidance trailed estimates.
Akamai Technologies (NASDAQ: AKAM) declined 7% after reporting mixed performance in the final quarter of 2023. Analysts also considered its overall guidance for the year as "mixed."
MGM Resorts (NYSE: MGM) declined 7.5% despite reporting EPS and revenue that beat consensus in the fourth quarter. Its regional business was a drag on performance.
Additional reporting by Louis Juricic